Eversource's $1.7B purchase of Aquarion complete

Aquarion Water Co. workers lay new water lines. The utility has been purchased by Eversource.

by Patricia Daddona

Electric utility Eversource has completed its $1.7 billion acquisition of Bridgeport's Aquarion Water Co. -- the only U.S.-based electric utility to also own a water utility.

Aquarion now contributes nearly 230,000 water customers to a total customer base of nearly 4 million electric, natural gas and water customers combined in Connecticut, Massachusetts and New Hampshire, Eversource said.

Connecticut regulators signed off on the purchase in late October and since then Massachusetts has also approved the deal, Eversource said.

Eversource CEO Jim Judge said Aquarion will remain a locally owned company with access to the resources it will need for investments to ensure ongoing reliability and customer service. The water utility will operate as a wholly-owned subsidiary of Eversource, he said.